Articles by Meg Heffron

Compliance

Excess concessional contributions and the TSB limit

contributions total super balance

An SMSF can still receive excess concessional contributions even if the member in question has reached their $1.6 million total super balance threshold, but it is important to know what to do in these situations.

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ATO, Superannuation, Tax

When is Division 293 tax paid?

SMSFs may be subject to paying tax on contributions made to the fund but, under Division 293, when can a fund member access money from the fund to pay that tax, and what steps are required to remain compliant with the ATO?

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Compliance

Rules around refunding

Dropped ice cream

Meg Heffron examines the variety of rules governing fixing a contribution error and the different types of contribution mistakes often made.

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Pensions, Retirement

Why ECPI numbers on actuarial certificates don’t make sense

The requirements for exempt current pension income (ECPI) and actuarial certificates have been in place for nearly two years but their calculations can still raise questions for clients looking to understand how the actuarial percentage is derived for any unsegregated periods.

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Pensions, Superannuation, Tax

Time to review pension payment rules

There were changes from 1 July 2017 altering which pension payments could be counted towards meeting a client’s minimum payment obligations for the year. It makes sense to review the new rules.

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Pensions, Superannuation

Segregation not just about pension accounts

When we use the term segregation or refer to an asset as being segregated in a superannuation fund, we are generally referring to a tax concept that relates to funds providing retirement-phase pensions.

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Retirement, Superannuation

New contribution opportunities for recent retirees

On 2 October, Treasury released draft regulations to implement the 2018 federal budget announcement that the ability to make contributions would be extended for recent retirees. These are currently available for consultation (with the consultation period to end on 26 October) and, assuming no issues emerge, they would be expected to become law shortly thereafter and take effect, as planned, from 1 July 2019.

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Compliance

CGT relief application

Applying CGT relief for an SMSF should not be regarded as an automatic decision due to the intricacies involved, writes Meg Heffron.

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